Avoiding Foreclosure Process – Basic Advice To Help Stop Your Foreclosure

July 25, 2008 - PRLog -- Sydney, Harry Faulkner today launched the avoiding foreclosure process information site http://www.homesforeclosurehelp.com. The risks of foreclosure specifically in the US seem to increase with every passing minute. The concept of losing one’s home is enough to bear, let alone having to understand and decipher the rules of foreclosure. There are most certainly some basic tips which one can implement immediately to better understand and potentially stop foreclosure.

Foreclosure is a monster that continues to grow, as Amy Mcalister, contributor to HousingWire.com states in reference to 2008: “Almost a half-million Americans lost their homes to foreclosure in the first half of the year”. Furthermore she suggests that at this rate nearly 1 million homes will be lost to foreclosure by the end of 2008. This is a frightening statistic and should jolt those potentially facing foreclosure into action.

Firstly any person who is at risk of foreclosure should certainly not ignore the problem, as Wayne T. Price, contributor to FloridaToday.com states: “Don't ignore letters from your lender…Don't be afraid to talk with them. The further behind you get, the harder it is to get current again”. One should monitor the mail received from one’s lender and respond quickly to all correspondence. One must be pro-active as well and seek advice from the lender if foreclosure is a possibility. Despite what the news may portray, lenders would prefer homeowner’s to keep their properties rather than lose them to foreclosure.

Many homeowners’ do not understand their legal rights as mortgage holders. It is important for one to thoroughly read through the documentation provided by the lender. Furthermore the U.S Department of Housing and Urban Development (HUD) can provide free or very low cost advice on foreclosure laws and one’s rights. Contacting them may provide options that one may have thought were impossible,

One also needs to be wary of foreclosure scams, which have become more frequent in the past year. Essentially ‘mortgage rescue’ companies will offer to save someone’s credit by acting as an intermediary between the person and the lender, and collecting a hefty fee in the process. Such scams are often well disguised, as Beth Llewlyn, CEO of the Partnership for Ownership states in the Sun Times “Every time there's a drop in the market, you're going to find all kinds of scam artists coming out of the woodwork”. One should always be wary of companies that ask for an upfront fee, and if you are in the US it is advisable to check them out with HUD.

The newly launched avoiding foreclosure process site http://www.homesforeclosurehelp.com provides visitors with up to date information on foreclosure and ways to overcome it. Understanding the basics of foreclosure and the options one has is critical at a time when foreclosure rates are at an all time high in the US.

To learn more, please visit:

http://www.homesforeclosurehelp.com

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About www.homesforeclosurehelp.com

My site educates those who are new or uncertain about the foreclosure process. There is a great lack of quality information on how to prevent foreclosure, and my site aims to fill this void.